Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the Southern District of New York on behalf of shareholders of Sesen Bio, Inc. who purchased shares between December 21, 2020 and August 17, 2021.
Sesen Bio and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On August 13, 2021, the Company disclosed that the BLA for its product candidate, Vicineum, was denied approval by the U.S. Food and Drug Administration (“FDA”). On this news, shares of Sesen Bio fell approximately 57%. Then, on August 16, 2021, the Company further disclosed that an additional clinical trial was needed “to provide the additional efficacy and safety data necessary for the FDA to assess the benefit-risk profile, which is the basis for approval” and it would be unable to resubmit its BLA until 2023. On this news, shares of Sesen Bio fell an additional 42%. Finally, on August 18, 2021, a health and medicine news site, STAT, reported that the clinical trial for Vicineum was “marked by thousands of violations of study rules, damning investigator conduct, and worrying signs of toxicity the company did not publicly disclose” based on “hundreds of pages of internal documents” and “three people familiar with the matter.” On this news, Sesen Bio fell an additional 13%, further damaging investors.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until October 18, 2021 to request that the court appoint them lead plaintiff.